Friday, January 28, 2022
Home Crypto News Market Ex Twitter CEO Jack Dorsey Launched A 'BTC Fund' To Defend Developers...

Ex Twitter CEO Jack Dorsey Launched A ‘BTC Fund’ To Defend Developers From Lawsuits Regarding Their Bitcoin Activities

- Advertisement -

Co-founder of Twitter and CEO of Block Jack Dorsey announced the launch of a fund to protect bitcoin developers in legal proceedings.

The Bitcoin Legal Defense Fund aims to protect a “particularly susceptible to legal pressure” community. The foundation is ready to provide lawyers, develop defense strategies and cover legal costs so that bitcoin developers can continue their work without any pressure.

The Fund includes the CEO of Block, co-founder of Chaincode Labs, Alex Morkos, and scientist Martin White. The Fund, if necessary, is ready to consider the option of attracting external financing.

Initially, the Bitcoin Legal Defense Fund will be supported by volunteers and part-time lawyers. The first event of Fund will be support for 16 developers who became defendants in a lawsuit from Craig Wright.

Jack Dorsey email sent to the Bitcoin developer’s mailing list said:

“To Bitcoin Developers:

The Bitcoin community is currently the subject of multi-front litigation. Litigation and continued threats have their intended effect; individual defendants have chosen to capitulate in the absence of legal support. Open-source developers, who are often independent, are especially susceptible to legal pressure. In response, we propose a coordinated and formalized response to help defend developers. The Bitcoin Legal Defense Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.

The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills. This is a free and voluntary option for developers to take advantage of if they so wish. The Fund will start with a corps of volunteer and part-time lawyers. The board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.

The Fund’s first activities will be to take over coordination of the existing defense of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel. At this time, the Fund is not seeking to raise additional money for its operations but will do so at the board’s direction if needed for further legal action or to pay for staff.”

In December, Dorsey-led payments company Square changed its name to Block to emphasize its commitment to the blockchain. Yesterday Block announced their upcoming Bitcoin ASICs. Twitter CEO Jack Dorsey also revealed his efforts to build a decentralized Bitcoin exchange and Confirmed Square Is creating a Bitcoin Hard Wallet.

- Advertisement -
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

FLOKI Partners With Crypto Education Specialists TechTree to Build the Premier Crypto Educational Platform “Floki University”

Floki Inu (FLOKI) recently declared via tweet that it has partnered with TechTree, the core educational platform for crypto and De-Fi - a core...

Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle. According to...

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities...

DeFi Wallet Ambire Gains Momentum, Launches $WALLET Token on Huobi Primelist

Sofia, Bulgaria, 28th January, 2022, — DeFi-focused crypto wallet by Ambire is launching its much anticipated governance token on the Huobi exchange. Ambire...

Celebrate Lunar Spring Festival With Theme: A Holiday For Some, Rewards For Everyone. wishes all its users a very happy Lunar Spring Festival! May the year of the Tiger bring you health, wealth, love, and prosperity.

Bradenton Hot Dog Restaurant Embraces Dogecoin As Payment

A Bradenton restaurant named Willy-Yums has announced that customers can now pay for their favorite hot dog sandwiches using popular cryptocurrency dogecoin (DOGE). 

Some Major Thing Coming For SHIB, Shiba Inu Team Teases: ‘Something Is Cooking, Will You Be Ready’

Nowadays, Shiba Inu (SHIB) teases its holders and followers with new surprises. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.